Belfast-based renewable energy company Gaelectric has raised £56m to fund on-shore wind energy projects in Northern Ireland and the Republic of Ireland.

The portfolio comprises 164 MW of generation capacity across 13 projects, representing a total investment in the region of £215m.

The construction process could create more than 220 jobs in construction, some 25% of total investment costs being spent locally.

Ongoing employment opportunities are likely to be created for 60 jobs.

The funding is led by Swedish group, Proventus Capital Partners and will help to finance the construction of an 13.8 MW wind energy project currently being commissioned by Gaelectric at Carn Hill, in Co Antrim.

Gaelectric group finance director, Barry Gavin, said that the portfolio of projects will be commissioned by 2017.

He said: "We now have 120 MW of wind energy projects with full planning approval and grid connection offers, and 18 MW of this portfolio will be generating renewable power by the first quarter of 2013. Our onshore portfolio on the island of Ireland will create sufficient generation capacity to power the energy needs of 85,000 homes and displace 262,000 tonnes of CO2 per annum."

"It will allow Gaelectric transition from being a pre-revenue, renewable energy development group to an energy development and operating group with significant assets in Northern Ireland and the Republic of Ireland producing renewable power, generating turnover and cash for the group."